Min 09/07/1971 i
433
Wichita Falls, Texas
Memorial Auditorium Building
September 7, 1971
Items 1 & 2
The Board of Aldermen of the City of Wichita Falls, Texas, met in regular
session on the above date in the Council Room of the Memorial Auditorium Building
at 10:00 o'clock A.M. , with the following members present:
Kenneth Hill Mayor
Harry Campsey X
Harrison E. Taylor X
Larry Lambert Aldermen
Dick Darner
J. C. Boyd, Jr. X
Bill Drake
Gerald Fox City Manager
H. P. Hodge, Jr. City Attorney
Wilma J. Thomas City Clerk
The invocation was given by Alderman Darner.
Special recognition was given to Joe Pence, who has accepted a position with
the City of Burnet, Texas, as City Manager. The Mayor stated that he is pleased
that he is getting this position; that he has appreciated working with him during
the past years. He wished Joe Godspeed and all the luck in the world.
Item 3
Moved by Alderman Boyd that the minutes of the meeting held August 3, 1971,
be approved.
i
Motion seconded by Alderman Darner, and carried unanimously.
Item 4
The public hearing was opened on three tracts of land for annexation into
the city. No one desired to be heard.
Moved by Alderman Lambert that the public hearing be closed.
Motion seconded by Alderman Taylor, and carried unanimously.
Item 5a
A proposed ordinance was presented establishing no parking on Southwest
Parkway between the Old Jacksboro Highway and Gregg Road.
ORDINANCE NO. 2664
AN ORDINANCE AMENDING PARAGRAPH (c) OF SECTION 29-114 OF THE TRAFFIC ORD-
INANCE OF THE CODE OF ORDINANCES OF THE CITY OF WICHITA FALLS, TEXAS,
ESTABLISHING NO PARKING ZONES ON CERTAIN STREETS AND HIGHWAYS, AND
DECLARING AN EMERGENCY.
Moved by Alderman Lambert that Ordinance No. 2664 be passed.
Motion seconded by Alderman Campsey, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
434
Item 5b
A proposed ordinance was presented changing the meeting date for the first Council
meeting in October. The City Manager explained that the purpose of this is to
enable the Council to hold a public hearing on the budget as prescribed by the
charter, and also to take care of the regular business at the same time.
r
ORDINANCE NO. 2665
AN ORDINANCE CHANGING THE DATE OF THE FIRST REGULAR MEETING OF THE BOARD
OF ALDERMEN IN OCTOBER, 1971, TO OCTOBER 7, 1971.
Moved by Alderman Taylor that Ordinance No. 2665 be passed.
Motion seconded by Alderman Darner, and carried by the following vote:
Ayes: Aldermen Campsey, Taylor, Lambert, Darner Boyd, and Drake
Nays : None
Item 5c
A proposed ordinance was presented changing the names of certain streets in
Wichita Falls.
ORDINANCE NO. 2666
AN ORDINANCE CHANGING THE NAMES OF CERTAIN STREETS WITHIN THE CITY OF
WICHITA FALLS AND REPEALING ALL ORDINANCES, OR PORTIONS THEREOF, IN
CONFLICT HEREWITH.
Moved by Alderman Darner that Ordinance No. 2666 be passed.
Motion seconded by Alderman Drake, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, and Drake
Nays : None
Alderman Boyd abstained from voting.
Item 6a
` A proposed resolution was presented authorizing proposals to property owners
on Kell Freeway project.
j RESOLUTION NO. 1219
WHEREAS, it is necessary to acquire the property hereinafter described for
construction of the listed projects in the 1967 Capital Improvements Program, and,
WHEREAS, such property has been appraised by independent appraisers employed
for this purpose by the Texas State Highway Department and the amount of the
state approved values as determined from the appraisals have been studied by the
Board of Aldermen and copies are now in the possession of the Director of Public
Works and/or Assistant City Manager.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS , THAT:
SECTION NO. 1 The projects and properties to be purchased by Warranty Deed
are as follows :
Kell Freeway - Project 52-071
Warranty Deed
M 36 2/3 feet, Lots B, 25 & 26, Block 8, Bateson Second Addition
South 55 feet Lots 25 & 26 and B, Block 1, Bateson Second Addition
r
435
Item 6a, Cont'd.
Combined total of values approved in this resolution -------------- $2,700.00
SECTION NO. 2 The values of such properties are hereby approved and the
City Manager is hereby authorized to purchase in the name of the Texas State High-
way Department, or the City of Wichita Falls , by Warranty Deed, such tracts of
land as shown on the project right-of-way map. The authorized price to be paid
for each tract is the state approved value as determined from appraisals made by the
independent real estate appraisers employed by the Texas State Highway Department.
SECTION NO. 3 In the event the City Manager is unable to purchase any such
tract or tracts for such approved values, he is hereby authorized and directed to
cause to be instituted condemnation proceedings to obtain such tracts in the name
of the Texas State Highway Department or the City of Wichita Falls.
Moved by Alderman Darner that Resolution No. 1219 be passed.
Motion seconded by Alderman Boyd, and carried by the following vote :
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays: None
Item 6b
A proposed resolution was presented authorizing proposals to property owners
on the Fort Worth and Denver Railroad Relocation project.
r RESOLUTION NO. 1220
WHEREAS, it is necessary to acquire the property hereinafter described for
construction of the listed project in the 1967 Capital Improvements Program, and,
i
WHEREAS, such property has been appraised by independent appraisers employed
for this purpose by the City of Wichita Falls, and the amount of the appraisals
has been studied by the Board of Aldermen, and a copy is now in the possession of
the Director of Public Works and/or Assistant City Manager.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA
FALLS, TEXAS, THAT:
SECTION NO. 1 The project and properties to be purchased by Warranty Deed are
as follows :
F.W.D.R.R. Relocation :_Project 52-087
Property
(Warranty Deed)
Lot 1, Block 57, Section 6-D Fountain Park Addn.
0.92 acre out of Block 10, DCSL, Sur. Lg. No. 1, A-58 & Robert Evans Sur. ,
A-74 and part of land recorded in Vol. 795/116, Deed Records Wichita County.
1750 s.f. of Lot 2, Block 52, Section 1-D Fountain Park Addition.
3861 s.f. out of Lot 1, Block 52, Section 1-D Fountain Park Addition.
1350 s.f. out of Lot 1, Block 45, Section 1-D Fountain Park Addition.
1588 s.f. out of Lot 2, Block 45, Section 1-D Fountain Park Addition.
1701 s.f. out of Lot 3, Block 45, Section 1-D Fountain Park Addition.
2608 s.f. out of Lot 43 Block 45, Section 1-D Fountain Park Addition.
3173 s.f. out of Lot 5, Block 45, Section 1-D Fountain Park Addition.
0.9.7 acre out of Block 11, DCSL Sur. League No. 1, A-58 and part of land
recorded in Vol. 759/116, Deed Records of Wichita County, Texas
436
Item 6b, Cont'd.
1.21 acres out of Block 11, DCSL Sur. League No. 1, A-58 and Robert Evans
Sur. A-74 and part of land recorded in Vol. 795/116, Deed Records Wichita
County, Texas.
Combined total of values approved in this resolution ------------- $56,900.00
SECTION NO. 2 The values of such properties are hereby approved and the
City Manager is hereby authorized to purchase in the name of the City of Wichita
Falls, by Warranty Deed such tracts of land as shown on the project right-of-way
map. The authorized price to be paid for each tract is the value as determined
from appraisals made by the independent real estate appraisers employed by the
City of Wichita Falls.
SECTION NO. 3 In the event the City Manager is unable to purchase any such
tract or tracts for such values, he is hereby authorized and directed to cause
to be instituted condemnation proceedings to obtain such tracts in the name of
the Fort Worth and Denver Railroad Company and/or City of Wichita Falls.
Moved by Alderman Boyd that Resolution No. 1220 be passed.
Motion seconded by Alderman Campsey, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
Item 6c
A proposed resolution was presented awarding the bid to Gilvin-Terrill, Inc. ,
j of Amarillo, for the railroad relocation project in the amount of $1,481,744.20.
The City Manager explained that the bid was lower than the estimate due to the
contractor bidding used rail, as well as the contractors generally looking for
more work at this time.
RESOLUTION NO. 1221
l
WHEREAS, the City of Wichita Falls has heretofore advertised for bids for the
construction of the Fort Worth and Denver Railway Company relocation, in connection
with the Kell Freeway Project; and,
WHEREAS, seven bids were received, and the lowest and best bid was the alter-
nate bid of Gilvin-Terrill Construction Co. , Inc. , of Amarillo, Texas, in the
amount of One Million Four Hundred Eighty-one Thousand Seven Hundred Forty-four
and 20/100 ($1,481,744.20) Dollars.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS , TEXAS, THAT:
The alternate bid of Gilvin-Terrill Construction Co. , Inc, in the amount of
$1,481,744.20 is hereby accepted, and the City Manager is authorized to execute
a contract for the construction of such project.
Moved by Alderman Taylor that Resolution No. 1221 be passed.
Motion seconded by Alderman Boyd, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
Item 6d
A proposed resolution was presented calling a public hearing on October 7,
1971 on the proposed budget for 1971-72.
RESOLUTION NO. 1222
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA FALLS, TEXAS :
437
Item 6d, Cont'd.
That a public hearing be, and it is hereby, called for Thursday, October 7,
1971, at 10:00 o'clock A.M. in the Council Room _n the Memorial Auditorium Building
to consider the adoption of the Budget and the Appropriations Ordinance for the
City of Wichita Falls for the fiscal year beginning October 1, 1971. The City
Clerk is directed to give public notice of the hour, date and place of such public
hearing by placing a notice in at least one newspaper of general circulation in
the city not more than thirty days nor less than ten days before said public
hearing.
Moved by Alderman Lambert that Resolution No. 1222 be passed.
Motion seconded by Alderman Darner, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, lambert, Darner, Boyd, and Drake
Nays : None
-�
Item 6e
A proposed resolution was presented approving rules and regulationsfor the
` . Police and Fire Department. Paul Yeager, Director of Public Safety, reported on
'r the major changes in each department.
RESOLUTION NO. 1223
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA FALLS, TEXAS,
THAT:
The Rules and Regulations of the Wichita Falls Police Department, dated
September, 1971, which supersede the departmental rules and regulations adopted
in 1959, and the Rules and Regulations of the Wichita Falls Fire Department, dated
September, 1971, which supersede the departmental rules and regulations which were
adopted in 1965, are hereby approved and adopted.
Moved by Alderman Boyd that Resolution No. 1223 be passed.
Motion seconded by Alderman Campsey, and carried by the following vote :
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
Item 6f
A proposed resolution was presented accepting Texas Highway Commission Minute
v
Order 65208 for the Brook Street TOPICS project.
RESOLUTION NO. 1224
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA FALLS, TEXAS,
THAT:
The provisions of Minute Order No. 65208, passed by the Texas Highway Commission
on August 5, 1971, are acceptable to the City of Wichita Falls. It is hereby ordered
that the City of Wichita Falls co-operate with the State Highway Department and
proceed with the obligations so stipulated in said Minute Order as being responsibi-
lities of the City.
Moved by Alderman Drake that Resolution No. 1224 be passed.
Motion seconded by Alderman Campsey, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
Item 6g
A proposed resolution was presented authorizing the City Manager to execute
a partial release of easement off Mistletoe Street to C.W.L. Dennis.
438
Item 6g, Cont'd. RESOLUTION NO. 1225
WHEREAS, the City of Wichita Falls and Wichita County Water Improvement Dist-
rict No. 2 own a conduit right-of-way easement for irrigation purposes on, through
and across the following described lands, together with other lands, situated in
Wichita County, Texas, to-wit:
Tract I•
The North fifty feet (N 50') of the South one hundred feet (S 100') of the
following described tract:
A tract of land out of Block 21, League 1, Denton County School Lands,
Wichita County, Texas, and being more specifically described by metes and
bounds as follows :
BEGINNING at a point of intersection of the South right-of-way line of Johnson
Road and the West right-of-way line of Mistletoe Drive, said point bears
North 89' 43 ' West 1229.8 feet and South 0' 17' West 35.0 feet from the
Northeast corner of said Block 21;
THENCE South 22' 42' East 225.4 feet along the West right-of-way line of
Mistletoe Drive to a point of curvature;
THENCE along a 22.754 degree curve to the left 158.0 feet along the West
right-of-way line of Mistletoe Drive to a point in said curve for the South-
east corner of this tract;
THENCE South 70 ' 00' West 185.80 feet along the North line of Lot 6, Block 5,
University Park, Section A-5, an Addition to the City of Wichita Falls,
Texas, to a point for the Southwest corner of this tract;
THENCE North 240 24' West 430.0 feet to a point in the South right-of-way line
of Johnson Road for the Northwest corner of this tract;
THENCE South 89' 43' East 167.8 feet along the South right-of-way line of
Johnson Road to the place of beginning and containing 1.41 acres of land,
more or less.
Tract II:
The North fifty feet (N 50') of the South one hundred feet (S 100') of the
following described tract:
A tract of land out of Block 21, League 1, Denton County School Lands , Wichita
County, Texas, and being more specifically described by metes and bounds as
follows :
BEGINNING at the point of intersection of the South right-of-way line of
Johnson Road and the East right-of-way line of Mistletoe Drive, said point
bears North 89' 43 ' West 1175.0 feet and south 0' 17' West 35.0 feet from
the Northeast corner of said Block 21;
THENCE South 22' 42 ' East 204.7 feet along the East right-of-way line of
Mistletoe Drive to a point of curvature;
THENCE along a 28.392 degree curve to the left 175.16 feet along the East
right-of-way line of Mistletoe Drive to a point in said curve for the
Southwest corner of this tract;
THENCE along the Northwest line of University Park, Section A-5, Block 5,
as follows: North 70' 00' East 8.4 feet to a point for corner; North 53'
12 ' East 590.8 feet to a point in the South right-of-way line of Johnson
Road for the Northeast corner of this tract;
THENCE North 89' 43 ' West 606.1 feet along said South right-of-way line of
Johnson Road to the place of beginning and containing 2.32 acres, more or
less.
WHEREAS, C.W.L. Dennis, who owns the fee simple title to said lands, subject
to such easement, has requested that the easement covering such lands be released
to him, and has offered to pay to the City and the Water District the sum of One
Hundred Dollars ($100.00) for the release on Tract I and the sum of Four Hundred
Dollars ($400.00) for the release on Tract II; and,
439
Item 6g, Cont'd.
WHEREAS, the Board of Aldermen find that such easements, insofar as they cover
the above lands, are no longer needed for irrigation purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
The releases to C.W.L. Dennis of such easements insofar as they cover the
above described tracts of land are hereby approved, and the City Manager is author-
ized to execute and deliver the proper instruments to complete this transaction when
the cash consideration has been paid and when C.W.L. Dennis has final platted the
parcels of land of which the above tracts are a part. The two tracts may be handled
separately; when either tract has been paid for, and its parcel final platted, the
easement on that tract may be released.
Moved by Alderman Boyd that Resolution No. 1225 be passed.
Motion seconded by Alderman Taylor, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays : None
Item 6h
A proposed resolution was presented authorizing the City Manager to execute a
utility adjustment with Lone Star Gas Company for North Beverly project.
✓ RESOLUTION 1226
WHEREAS, the City of Wichita Falls and the Texas Highway Department are co-
operating in the construction of North Beverly (Loop 11) Project 52-072, under the
1967 Capital Improvements Program of the City of Wichita Falls ; and
WHEREAS, the City of Wichita Falls, Texas and the Texas State Highway Depart-
ment entered into a contractual Agreement dated January 31, 1968, wherein the State
and the City will participate equally in the right-of-way and utility adjustments
required for the North Beverly (Loop 11) project; and,
WHEREAS, the said proposed North Beverly (Loop 11) , project 52-072 crosses the
pipe lines owned by Lone Star Gas Company; and,
WHEREAS, adjustments will have to be made to the pipe lines to allow the
construction of the proposed North Beverly (Loop 11) project; and,
WHEREAS, the Lone Star Gas Company has a prior easement for the pipe lines;
and,
WHEREAS, the Lone Star Gas Company has proposed an agreement in which the City
of Wichita Falls would reimburse Lone Star Gas Company the sum of Four Thousand
Three Hundred Thirteen and 32/100 ($4,313.32) Dollars for the cost of the adjustments
to the pipe lines; and,
WHEREAS, the Texas Highway Department will reimburse the City in an amount
equal to fifty percent (50%) of the actual cost of this utility adjustment as soon
as the State approves the final billing as prepared by Lone Star Gas Company.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
A TEXAS
WICHIT FALLS, , THAT:
The certain letter of agreement between the City of Wichita Falls, and the
approved,Lone Star Gas Company for the adjustment of the pipe lines is hereby nd
a
the City Manager is authorized to execute it for the City of Wichita Falls.
Moved by Alderman Darner that Resolution No. 1226 be passed.
Motion seconded by Alderman Campsey, and carried by the following vote:
Ayes : Aldermen Campsey, Taylor, Lambert, Darner, Boyd, and Drake
Nays: None
440
i Item 7
A proposed resolution was presented awarding the depository contract to
City National Bank. This was the only bid received.
RESOLUTION NO. 1227
WHEREAS, the City of Wichita Falls has advertised for proposals to act as
depository of the funds of the City, and a proposal was received from City National
Bank in Wichita Falls; and,
WHEREAS, such proposal offers favorable terms and conditions for the handling
of such funds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA
FALLS, TEXAS, THAT:
City National Bank in Wichita Falls is designated as the depository of the
funds of the City of Wichita Falls for a period of two (2) years from October 1 ,
1971 through September 30, 1973; the contract, a copy of which is attached hereto,
between the City and said bank is hereby approved, and the City Manager is author-
ized to execute the same for the City.
Moved by Alderman Lambert that Resolution No. 1227 be passed.
Motion seconded by Alderman Taylor, and carried by the following vote:
Ayes: Aldermen Campsey, Taylor, Lambert, and Drake
Nays : None
Aldermen Darner and Boyd abstained from voting due to their connection with
the bank as a director and stockholder respectively.
Item 8
Moved by Alderman Taylor that minutes of the meetings of the following boards
and committees be received.
j a. Planning Board - August 11, 1971
b. Plumbing Advisory Board - August 4, 1971
C. Electrical Advisory Board - August 10, 1971
d. Citizens Advisory Committee - August 6, 1971
Motion seconded by Alderman Darner, and carried unanimously.
Item 9a
Permission was requested to fill the vacancy in the Electrical Advisory Board
created by the death of Glenwood Groves. Mayor Hill appointed Floyd Browning to
serve the remainder of his term, which will expire on May 23, 1972. The City
Manager stated that the correct name of this board is Board of Electrical Examiners.
Moved by Alderman Taylor that the appointment of Floyd Browning to the Board
of Electrical Examiners be approved.
Motion seconded by Alderman Campsey, and carried unanimously.
'Item 9b
Mayor Hill made the following appointments to the Area Manpower Planning
Council.
Chairman - Ed Seegmiller, Assistant to City Manager on the Mayor's Staff
Members : Ben Fowler, Texas Employment Commission
James Pearson, Superintendent, Burkburnett Independent School
District
Rev. Karl Gromberg, Chairman of Community Action Corporation of
Wichita Falls
441
Item 9b, Cont'd.
Dick Weber, Individual Development Center
Calvin Ashley, County Judge
George Riley, Texas Welfare Department
Dr. H. M. Fullerton, Texas Education Agency Region IX
Marjorie Booker, Supervisor, Texas Vocational Rehabilitation
Agency
Bob Mowery, Assistant Director or Nortex Regional Planning
Commission
Freddie Castillo, President, GI Forum
Nadine Perez, A Neighborhood Youth Corps Enrollee
Henry Black, Crowell Community Action Corporation
Franklin Hunt, School Counselor and Block Partnership Program
Mrs. John Eads, Retired
John Haddock Panhandle,Manufacturing Company General Manager
Dick Tucker, Manager, Sears, Roebuck & Company
J. W. Jackson, President, Wichita Falls Building Trades Council
l Harrison Taylor, City Council, Wichita Falls
Charles Ranser, Professor of Business, Midwestern University
J. Carl Davis, Dentist and Member of School Board
James Esther, Vice Chairman, Community Action Corporation of
Wichita Falls
Charles Russell, Attorney
Charles Ward, Times Publishing Company
Ben Shelton, Director of General Services, City of Wichita Falls
and Community Action Corporation of Wichita Falls
Herb Appel, Board of Commerce and Industry Executive Vice President
Moved by Alderman Campsey that the appointments be approved.
Motion seconded by Alderman Lambert, and carried unanimously.
Moved by Alderman Lambert that the meeting be adjourned.
Motion seconded by Alderman Boyd, and carried unanimously. ,
The Board of Aldermen adjourned at 10:40 A.M.
PASSED AND APPROVED this day of 1971.
Mayor
ATTEST:
City Clerk
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DEPOSITORY CONTRACT
This contract made and entered into this the
day of September, 1971, between the City of Wichita Falls, Texas,
hereinafter called "City" and the City National Bank in Wichita
Falls, hereinafter called "Bank" .
WITNESSETH:
For and in consideration of the mutual covenants con-
tained herein, City and Bank do hereby agree that Bank shall serve
as depository of City and maintain custody of the funds of City for
a period of two (2) years from October 1, 1971 through September 30,
1973, in accordance with the following covenants and provisions :
Section 1. Bank shall pledge to City as security for
City' s deposits , securities of the United States Treasury, United
States Government agencies or qualifying municipal bonds of the
State of Texas and any political subdivision thereof, and the
amount of the securitiestD be pledged shall comply with the laws
of the State of Texas and the City Charter on a value basis of par
or market value, whichever is lesser. (At such time as Government
Treasury certificates or bonds pledged shall have a market value of
less than par, Bank will pledge additional bonds so that the dollar
for dollar value will remain constant.) In addition, Bank shall
pledge 10% more securities than is required under the law so that
fluctuation in bond values and/or City deposits shall be fully
protected at all times.
Section 2 . It is the intention of Bank to provide City
with the maximum return on its deposits permissible under the regu-
lations of the Board of Governors of the Federal Reserve System and
in keeping with existing money market conditions. Accordingly, Bank
shall pay the following rate of interest on certificates of
deposit:
Section 2 . 1. On all certificates of deposit of less
than One Hundred Thousand ($100,000) Dollars, and on certificates
of deposit of One Hundred Thousand ($100,000) Dollars or more which
have a maturity exceeding 89 days, Bank will pay the maximum rate
as allowed by the above mentioned regulations or the market rate of
91-day U. S . Treasury bills as quoted one week preceding the date of
deposit, whichever is lesser.
Section 2.2 . On certificates of deposit of One Hundred
Thousand ($100, 000) Dollars or more which have a maturity of 30 to
89 days, Bank will pay the Bank' s going rate, at the time the certi-
ficate is purchased, on like certificates of deposit, or the market
rate of 91-day U. S. Treasury bills as quoted one week preceding date
of deposit, whichever is lesser.
Section 2 .3. City agrees that all certificates of
deposit shall be purchased from Bank or from some other commercial
bank mutually agreeable to City and Bank.
Section 3. Bank agrees to extend credit to City within
the limits prescribed by law and within Bank' s legal loan limit at
a rate of interest corresponding to the market rate of 91-day U.S.
Treasury bills as quoted one week precedingthe execution of the
loan, or at the average certificate of deposit rate being paid to
the City, whichever is lesser.
Section 3. 1. Bank agrees to purchase general obligation
warrants issued by City within limits prescribed by laws relating
both to City and Bank at an interest rate of four and one-half
( 4-1/2%) percent.
-2-
Section 3.2 . Bank' s present loan limit is approximately
Seven Hundred Thousand ($700, 000) Dollars. Should City' s borrowing
requirements exceed Bank' s legal loan limit, Bank will endeavor to
participate such excess loans to other banks.
Section 4. In addition to the other services agreed to
in this contract, Bank agrees to provide the following services at
no charge to City:
a. Mark up all checks and deposit slips presented to or
deposited with Bank.
b. Provide City all checks and deposit slips applicable
to any City depository account.
c. Allow temporary overdrafts.
d. Count and deposit all parking meter collections .
e. Provide a daily listing of all accounts and the
balances in each of these accounts.
f. Transfer funds between accounts upon receipts of
proper authorization from the City Treasurer.
g. Provide bond and coupon service and act as paying
agent on all City- bond issues.
h. Provide foreign and domestic exchange.
i. Provide wire transfer service.
j . Provide necessary safe deposit boxes.
k. Provide coin wrappers.
1. Provide night depository service including bags and
keys.
M. Provide traveler' s and cashier' s checks .
n. Provide free parking while conducting banking business.
o. Redeposit at least one time all checks returned for
non-collection, and if the checks should be returned a second time
-3-
to charge them against City of Wichita Falls Clearing Fund and
send them to City' s Finance Department.
p. Furnish reconciliation computer printouts on those
accounts designated by City.
Section 5. In addition to the services specifically
stated above, Bank will, when properly authorized, handle City
deposits in any manner requested so long as such requests comply
with the laws of the State of Texas, the Charter of the City of
Wichita Falls, and the- rules and regulations of the Federal Reserve
Board.
In witness thereof, the parties have caused this contract
to be executed as of the day and year first above stated.
CITY OF WICHITA FALLS, TEXAS
By:
Gerald G. Fox, City Manager
ATTEST:
City Clerk
CITY NATIONAL BANK IN WICHITA
FALLS
By:
Harold Jones, President
ATTEST:
-4-